Technically, there is a distribution going on and sign of exhaustion in strong rally. Multiple times the stock face correction from higher level and then later on it only managed to cross the previous high by some margin to fall again. This means big players selling their delivery. Fundamentally, its already overvalued with high PE and fairly valued Price to Book. So combined analysis says that it can fall to 110 levels soon with any support from market fall.
Trade active:
PNB yesterday made a high of 138.10 and reversed inspite of bullish sector movement and nifty movement. With a nifty fall which is very likely, this stock will eat the dust and crawl around 125 level soon and then break that level for 115-110 bottom.
Trade closed: stop reached:
Stop loss of 139 triggered as Nifty keep continuing higher and made a lifetime high. However, I feel that Nifty will correct sharply and this stock will hit 110 target. One can again short again if it closes below 136 on a hourly basis.
Trade active:
Short call on PNB active as it has closed below 136 on a hourly basis. As I said earlier Nifty might correct and with Nifty, this has to fall. We can see a crash in PNB share price very soon. Highly overvalued, technically also sell now.